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The big difference is the Kill-A-Watt will capture inefficiency in the charger and the batteries.
FWIW, my NiMH charger's 48V power supplies are 84% efficient, and the cells are reportedly near 92% efficient in the "bulk charging" regime. They approach 0% efficiency as the "topping off" phase nears completion. Google tells me lead acid efficiency varies greatly, but is probably less than 92%.
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